Remittances from Overseas Pakistanis - Updates

[Fatman17]

Remittances can’t replace FDI

Successive governments’ actions, especially in relation to taxation measures, are making the economy investment-averse.

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Remittances can't replace FDI

 

[SiliconBit (silicon0000)]

Remittances can’t replace FDI

Successive governments’ actions, especially in relation to taxation measures, are making the economy investment-averse.

search.app

Remittances can't replace FDI

Remittances can't replace FDI nor exports neither External Debt/Aid.

 

[studsmart]

Roshan Digital Account inflows cross USD12bn mark

SBP says more than 900,000 accounts opened by overseas Pakistanis since the launch of this initiative

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Roshan digital accounts touch 12B$

is 12 B in addition to 16 B in foreign reserves?

 

[Watandar]

is 12 B in addition to 16 B in foreign reserves?

RDA are people's personal accounts in Pakistan so I don't think they count as a part of the country's foreign exchange reserves.

The number cited was also cumulative over the life of the program so far. This was an intelligent initiative of Imran Khan govt.

 

[Hussain]

is 12 B in addition to 16 B in foreign reserves?

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[studsmart]

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thanks for sharing so it means currently Pakistan has 21B USD plus 12B USD in roshan account that is 33B USD?

 

[Watandar]

thanks for sharing so it means currently Pakistan has 21B USD plus 12B USD in roshan account that is 33B USD?

No, just 21B USD. Counting RDA would be like counting the USD cash that people have in their homes.

 

[Goenitz]

Remittances can’t replace FDI

Successive governments’ actions, especially in relation to taxation measures, are making the economy investment-averse.

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Remittances can't replace FDI

"Lebanon is among the world's top recipients of remittances relative to its economy, with inflows reaching roughly $5.8–$6.7 billion annually in 2023–2024, representing over 35% of GDP
These inflows often exceed the government's total budget expenditure, acting as a crucial survival mechanism for households amid a 90%+ currency depreciation." Gemini
Orya MJ said that like 1.5 years ago. Lebanon still failed despite remittance crossed the expenditures.

 

[Hussain]

thanks for sharing so it means currently Pakistan has 21B USD plus 12B USD in roshan account that is 33B USD?

Only $21Bn

RDA and other privately held Forex bank accounts do not count

 

[hydrabadi_arab]

thanks for sharing so it means currently Pakistan has 21B USD plus 12B USD in roshan account that is 33B USD?

No. Roshan accounts are separate. Only once people convert to rupees and spend locally then it count as remmitance.

But reserves are near $33bn anyway thanks to gold.

 

[rafale]

"Lebanon is among the world's top recipients of remittances relative to its economy, with inflows reaching roughly $5.8–$6.7 billion annually in 2023–2024, representing over 35% of GDP
These inflows often exceed the government's total budget expenditure, acting as a crucial survival mechanism for households amid a 90%+ currency depreciation." Gemini
Orya MJ said that like 1.5 years ago. Lebanon still failed despite remittance crossed the expenditures.

I visited Beirut in 2017 on a fully paid outbreak trip with my employer, all of us tourists tried getting local Lebanese currency for use over there and everyone there told us to keep the USD. Everywhere we went, from restaurants to clubs to shopping, they said if you pay us in USD, EUR or GBP we will give you discount.

This is how desperate they were for forex back in 2017 and that was still a much better time for Lebanon. Now i have heard it really has gone down the gutters.

 

[Watandar]

I visited Beirut in 2017 on a fully paid outbreak trip with my employer, all of us tourist tried getting local Lebanese currency for use over there and everyone there told us to keep the USD. Everywhere we went, from restaurants to clubs to shopping, they said if you pay us in USD, EUR or GBP we will give you discount.

This is how desperate they were for forex back in 2017 and that was still a much better time for Lebanon. Now i have heard it really has down the gutters.

This phenomenon is seen in countries whose currencies constantly depreciate. You are beginning to see the early signs of this in Pakistan where people prefer to get online work or build an online business, like podcasting, where they can earn in USD or Euro.

 

[PK781]

I had opened the Roshan Digital Account (PKR) in HBL back when it first started during Imran's tenure. Initially the response was good, HBL was swift in opening and sending me the debit card etc.

However, after the PTI govt got kicked to the curb, HBL had recently started charging alot of money each yr for thing like: annual debit card fees, and on top, a fee around 2200 Rs each time i sent a remittance to the RDA account from Canada and it would take several days as well.

I have emptied the RDA account and no longer use it, HBL blocked my account as they cant make money from it anymore

I had opened a local bank account when I was in Pakistan years ago, i just use that and its less costly than the RDA. If u open and can afford all the charges, fees and restrictions of the RDA, good luck to you. The response by email for RDA support has been poor, and i have observed the "relationship managers" be like a revolving door at HBL, my manager kept changing every 3-4 months. And to top it all up, they keep bombaring you with "roshan apni car" and "roshan apna ghar" type bullshit sales shit every fucking week!!

Yeah, ditch the stupid RDA, and go for the local account opening instead if you do need to keep an account in Pakistan !!
It costs much less money.

 

[Bilal]

Only $21Bn

RDA and other privately held Forex bank accounts do not count

16 billion is state bank remainder IS privately held forex in commercial banks.

 

[SiliconBit (silicon0000)]

I had opened the Roshan Digital Account (PKR) in HBL back when it first started during Imran's tenure. Initially the response was good, HBL was swift in opening and sending me the debit card etc.

However, after the PTI govt got kicked to the curb, HBL had recently started charging alot of money each yr for thing like: annual debit card fees, and on top, a fee around 2200 Rs each time i sent a remittance to the RDA account from Canada and it would take several days as well.

I have emptied the RDA account and no longer use it, HBL blocked my account as they cant make money from it anymore

I had opened a local bank account when I was in Pakistan years ago, i just use that and its less costly than the RDA. If u open and can afford all the charges, fees and restrictions of the RDA, good luck to you. The response by email for RDA support has been poor, and i have observed the "relationship managers" be like a revolving door at HBL, my manager kept changing every 3-4 months. And to top it all up, they keep bombaring you with "roshan apni car" and "roshan apna ghar" type bullshit sales shit every fucking week!!

Yeah, ditch the stupid RDA, and go for the local account opening instead if you do need to keep an account in Pakistan !!
It costs much less money.

.......... and how you transfer money to your local account in Pakistan from Canada? and is that less costly?